Watchdog probes PWC over its auditing of collapsed shopping centre owner Intu Properties
Probe: The FRC has launched a probe into PWC’s audits of Intu’s accounts for 2017 and 2018
PwC is under investigation by the accounting regulator over its auditing of Intu Properties, the shopping centre owner that fell into administration in 2020.
The Financial Reporting Council has launched a probe into the Big Four accountant’s audits of Intu’s accounts for 2017 and 2018.
The FRC is already examining its work signing off the accounts of Babcock, Wyelands Bank, London Capital & Finance and Eddie Stobart Logistics.
The auditor, whose partners received a record average profit share of more than £1million each last year, was fined twice in one day last June when it was ordered to pay £5million for failings at construction and outsourcing companies Kier and Galliford Try.
Intu, who owns the Trafford Centre in Manchester and Lakeside in Essex, was once the UK’s biggest shopping centre owner and reached a market valuation of £4.9billion in early 2015.
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